Spec fic - your definition?

I've been noticing in m/m blogs lately, reviewers and authors are tending to use the term "Spec Fic" as if it's synonymous with fantasy or urban fantasy.

I've always taken it to mean any of the weirder genres--but usually more modern ones, as it was originally coined to apply to the type of SF that was popular in men's magazines.

Wikipedia's definition seems to jibe with the way I understood the phrase: Speculative fiction is a fiction genre speculating about worlds that are unlike the real wo...